Yes, microfounded macroeconomics in general (which is most of the mainstream, as well as Austrian economics) has been a huge step backwards. I think some of th

Yes, microfounded macroeconomics in general (which is most of the mainstream, as well as Austrian economics) has been a huge step backwards. I think some of the most promising macroeconomic modelling I've seen has been Steve Keen's complex dynamic systems work, which is all derived from actual definitions and identities, rather than trying to scale up individual behaviour. It's all stock-flow consistent too, which means it ensures everything actually follows the laws of accounting (strangely this isn't necessarily the case in mainstream models).